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In your own words, explain how to obtain the “expected value of perfect information” for any payoff table, which has probabilities associated with each state of nature. Then, provide an example, drawing from any of the payoff tables in Problems 1-17 in the back of Chapter 12. If no probabilities are given for the states of nature, then assume equal likelihood.

Focus of the Final Paper
In this six- to eight-page research paper, you will explore in detail one of the statistical approaches to research discussed in the course, applying it in the context of a specific application or methodological study. This will help you gain a deeper understanding of..

Statistical Concept. Describe the most important statistical concept that you learned in the course. How do you think you will be able to use the information? Respond to at least two of your classmates’ posts.
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Confidence Intervals. Find an article that incorporates research of confidence intervals to market a new product. Summarize the information gained from your research. Based on the research, is it wise to go ahead and market the product? Support your ideas with cited sources. Respond to at least t..

Repeated Sampling. In Chapter 8 of your text, read the interpretation of confidence intervals. Find a journal article from the library that incorporates repeated sampling. This may be stated or implied. Use the explanation in the last paragraph of the section on interpretation of confidence inter..

Normal or Bell-Shaped Curve. Find a study where the distribution follows a normal or bell-shaped curve. An example of a normal distribution or bell-shaped curve, called “Heights of Red Pine Seedlings”, is located in the beginning of Chapter 6 in the book. . Cite the source of the study you’ve sel..

Probability Video Analysis. Find a video that provides help with learning probability. Why do you like it and what did you learn? Visit this helpful website (http://www.khanacademy.org/) to assist you with your search. Respond to at least two of your classmates’ posts.
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Correlation and Causation.v 6 titled “Spurious Correlation by Lurking Variables”. This describes an observed correlation that may be caused by the influence of a third variable. Describe and cite a study where the correlation may be spurious. Alternately, you may choose to create and describe you..

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Scatter Plot. Provide a link for a picture of a scatter plot where the r value is not given. Estimate what you think the r value would be and explain why. Respond to at least two of your classmates’ posts
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Qualitative vs. Quantitative. Describe a recent study where data was gathered. If possible, explain whether it is a qualitative or quantitative study, and whether the data is discrete or continuous. What type of graph would you use to describe the data and why? Respond to at least two of your cla..

Gallup Poll. Describe a recent Gallup poll. Be sure to include the results of the poll, how the poll was conducted, and what the results will be used for. Respond to at least two of your classmates’ posts.
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